The Indian rupee tumbled further against the dollar in opening trades on Tuesday to record low levels as investors weighed Trump's H-1B visa fee hike impact on Indian remittances amid heightened risk-averse sentiment. INR commenced at Rs 88.41 per dollar and slumped to a low of 88.50 so far during the day. Indian shares fell on Monday, contributing to rupee decline with IT stocks pacing the declines after the Trump administration announced sweeping changes to the H-1B visa regime, including a steep $100,000 fee for new applications. It is feared that the steep hike in H-1B visa fees will raise offshore deployment costs and could squeeze profit margins on existing contracts, particularly in cost-sensitive areas like application development and consulting.
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